S&P Equity Research Reiterates 'Sell' on Interline Brands (IBI)
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S&P Equity Research reiterates a 'Sell' rating on Interline Brands (NYSE: IBI).
S&P analyst, S. Scharf, says, "Shares are down 15% after the open, as IBI posts Q1 EPS of $0.27 vs. $0.29, $0.03 below our estimate. Sales fell 2.1%, as weak pro contractor and specialty distribution units offset growth in facilities maintenance. We expect a soft residential housing market and weak economy to continue to impact sales and margins. We are cutting our '08 EPS projection by $0.20 to $1.45, and '09's $0.15 to $1.65. Blending relative and DCF-based metrics, we believe the shares deserves a below-peer-average P/E of under 10X our '08 projection, and we lower our 12-month target price by $3 to $14."
Interline Brands, Inc. is a national distributor and direct marketer of maintenance, repair and operations (MRO) products. [SM]
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